Much like what was done to the iPod Touch, is Apple's iPhone about to receive a 16GB upgrade to its memory capacity?

This was the topic of a rumor we picked up earlier, which states that the information comes from an AT&T employee among many others, who spotted the said variation of the phone from the company's inventory.

What makes this bit of speculation lucrative is that the new iPhone is expected to arrive at 1:30 p.m. in the UK today (Tuesday, February 5), at an expected price of 329 GBP (US$ 599).

No details were disclosed as to whether this new iPhone may be heading for North America as well.  UK's iPhone will be handled by the region's 02 Telecom service. We'll let you know if any details confirming this rumor are found.